Treasure Global Inc. (NASDAQ:TGL) ("Treasure Global" or the "Company"), a Southeast Asia–anchored technology company focused on AI-powered enterprise solutions and digital transformation, today announced that it has signed a non-binding memorandum of understanding ("MOU") with Mestiz Holding Berhad ("MHB") for the proposed US$38 million cash acquisition of a 51% controlling interest in Mestiz Century Logic Sdn Bhd ("MCL"), a Malaysia-based provider of cloud-based smart water metering technology and digital water management solutions.

Under the MOU, MHB has granted Treasure Global a 120-day exclusivity period to conduct due diligence on MCL and negotiate the terms of a definitive agreement. Completion of the proposed acquisition remains subject to the execution of a definitive agreement and customary closing conditions, including satisfactory completion of due diligence and receipt of required regulatory and board approvals.

MCL specializes in smart water metering solutions powered by cloud computing and Internet of Things ("IoT") technology. Its smart meters are designed to deliver up to four times the accuracy of conventional mechanical meters, while providing enhanced durability and digital connectivity.

MCL’s smart metering platform further integrates artificial intelligence to support real-time consumption monitoring, remote meter reading, leak detection and predictive maintenance, enabling utilities to improve operational visibility and transition toward more intelligent, data-driven water management.